ABSTRACT
To focus the mind on the BRICS phenomenon, its sprawl and changes over time, the following is a chronological sample of headlines:
Illiberal capitalism: Russia and China chart their own course (Financial Times 1/9/2008)
New champions, emerging leaders: The end of western dominance of commerce looks nigh (Financial Times 9/26/2008)
BRIC leaders take their place at the top table (Financial Times 9/26/2008) Rising stars buffeted by global storm: Emerging economies have been
unable to escape the contagion (FT 12/24/2008) Emerging powers want fair global economic order (FT 6/17/2009) BRICS balance shared interests with rivalries (FT 4/14/2010) Consumption starts to shift to China, India and Brazil (FT 4/21/2010) Building BRICS: Promise of growth lures carmakers (FT 1/21/2010) Building BRICS: Bankers sense shift in capital flows (FT 1/22/2010) BRIC nations grow weary of G20’s rhetoric of co-operation (FT
10/21/2010) Are cracks forming the in the BRICS? (Wall Street Journal 2/16/2010) How the BRICS are building on their history (FT 6/10/2011) BRICS nations voice money-flow fears: Leaders call for shift away from
reliance on dollar, warn on risks from developed nations’ loose monetary policies Wall Street Journal 4/15-17/2011)
Emerging markets are more than just the BRICS (New York Times 10/7/2012)
Beware membership of this elite club: Growth will be barely more than 1 per cent because micro meddling has damaged business confidence (FT 12/5/2012)
From this sample several points are apparent: (a) long-term trends underlie the rise of the BRICS, (b) BRICS boosterism and skepticism alternate, (c) skepticism grows over time, (d) the BRICS are part of the wider cluster of emerging economies, and (e) they represent a crisscross of trends in trade, development, consumption, finance, geoeconomics, and geopolitics. To put this in a wider perspective, Table 4.1 gives a brief chronology of the BRICS.
